Contactless Payment Market is expected to witness significant growth to 2025

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Contactless Payment Market is Predicted To Grow
At High CAGR During The Forecast Period
2019-2025 Global Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Regional Analysis of Contactless Payment Market

• Europes contactless payment market will grow
  significantly over the forecast period due to the
  wide adoption of contactless payment among
  retailers, restaurants, bars, pubs, service
  stations, and supermarkets. The constant
  improvements in the regional infrastructure of
  countries including Denmark, Greece, Greece,
  Hungary, Croatia, the Netherlands, Poland, and
  Russia have been further adding to the growth of
  the market. In addition, the increasing
  penetration of smartphones across the European
  countries also presents myriad opportunities for
  the growth of the market.
• The Asia Pacific contactless payment market is
  projected to grow significantly over the forecast
  period. The supportive government initiatives in
  countries including India and China to promote
  the adoption of digital payments are driving the
  market growth. Furthermore, the increasing
  adoption of smartphones and the growing card
  network in the region is encouraging the adoption
  of non-contact payment solutions.

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• Application Analysis of Contactless Payment
  Market
• The contactless payment technology has been
  widely used across retail, IT telecom,
  transportation, hospitality, government, and BFSI
  sectors. The retail market is anticipated to
  attain a high CAGR over the forecast time period
  as the industry is constantly looking for payment
  technologies that can provide a convenient
  quick way to conduct its financial transactions.
  In the hospitality industry, contactless payment
  systems have brought down the transaction times
  from hours to mere seconds. The hospitals are
  increasingly offering contactless payment options
  to their patients to improve their experience and
  prevent them from going through the hassles of
  waiting in long queues.
• The widespread acceptance of numerous e-commerce
  platforms and mobile banking applications coupled
  with the emergence of online banking applications
  has been spurring the growth of the BFSI market.
  The increasing number of government initiatives
  aimed at promoting the use of digital payment is
  further adding to the transition of users toward
  contactless payment.

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Competitive Market Share of Contactless Payment
Market

• The Companies operating in the contactless
  payment market are focusing on strategically
  acquiring various start-ups working on
  contactless payment solutions. For instance, in
  September 2018, PayPal acquired iZettle for
  approximately USD 2.2 billion. This has enabled
  the company to enhance its product capabilities
  and services specifically to meet the
  requirements of small businesses. It is intended
  to accelerate the adoption of its contactless
  payment solutions and provide a smooth
  transaction experience for business owners.
• Some of the key companies operating in the
  contactless payment market are Heartland Payment
  Systems Inc., Wirecard AG, On Track Innovations,
  Ingenico Group, Gemalto N.V., Proxama, Inside
  Secure, Giesecke Devrient GmbH, and Ingenico
  Group

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